Tanger Management

Management criteria checks 3/4

Tanger's CEO is Steve Yalof, appointed in Apr 2020, has a tenure of 3.75 years. total yearly compensation is $6.10M, comprised of 13.9% salary and 86.1% bonuses, including company stock and options. directly owns 0.67% of the company’s shares, worth $21.97M. The average tenure of the management team and the board of directors is 2.5 years and 8.3 years respectively.

Key information

Steve Yalof

Chief executive officer

US$6.1m

Total compensation

CEO salary percentage	13.9%
CEO tenure	4yrs
CEO ownership	0.7%
Management average tenure	2.5yrs
Board average tenure	8.3yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Steve Yalof's remuneration changed compared to Tanger's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$6m	US$850k	US$98m
Sep 30 2023	n/a	n/a	US$93m
Jun 30 2023	n/a	n/a	US$89m
Mar 31 2023	n/a	n/a	US$84m
Dec 31 2022	US$5m	US$850k	US$81m
Sep 30 2022	n/a	n/a	US$79m
Jun 30 2022	n/a	n/a	US$44m
Mar 31 2022	n/a	n/a	US$25m
Dec 31 2021	US$5m	US$850k	US$8m
Sep 30 2021	n/a	n/a	-US$5m
Jun 30 2021	n/a	n/a	US$20m
Mar 31 2021	n/a	n/a	-US$6m
Dec 31 2020	US$6m	US$535k	-US$37m

Compensation vs Market: Steve's total compensation ($USD6.10M) is above average for companies of similar size in the UK market ($USD2.58M).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.

CEO

Steve Yalof (60 yo)

4yrs

Tenure

US$6,100,202

Compensation

Mr. Stephen J. Yalof, also known as Steve, serves as Chief Executive Officer at Tanger Inc. since January 1, 2021, serves as its President since April 10, 2020 and served as its Chief Operating Officer sin...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Stephen Yalof	President	4yrs	US$6.10m	0.67% $ 22.0m
Michael Bilerman	Executive VP	1.4yrs	US$2.85m	0.17% $ 5.4m
Leslie A. Gallardo	Executive VP & COO	2.3yrs	US$1.50m	0.095% $ 3.1m
Thomas Guerrieri	Senior VP & Chief Accounting Officer	6.9yrs	US$721.94k	0.057% $ 1.9m
Jessica Norman	Executive VP	less than a year	no data	0.029% $ 961.8k
Regina Campbell	Senior Vice President of Marketing	no data	no data	no data
Christi Downes	Senior Vice President of People	no data	no data	no data
Brian Auger	Senior Vice President of Legal & Corporate Counsel	no data	no data	no data
Joshua Cox	Senior Vice President of Tax	no data	no data	no data
Craig Wise	Senior Vice President of Digital Strategy	no data	no data	no data
Steve Dworkin	Senior Vice President of Real Estate	2.9yrs	no data	no data
Justin Stein	Executive Vice President of Leasing	2.5yrs	no data	0.035% $ 1.1m

2.5yrs

Average Tenure

49yo

Average Age

Experienced Management: 0LD4's management team is considered experienced (2.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Stephen Yalof	President	3.8yrs	US$6.10m	0.67% $ 22.0m
Thomas Reddin	Independent Director	13.8yrs	US$267.14k	0.043% $ 1.4m
Steven Tanger	Non-Executive Chair of the Board	30.9yrs	US$2.29m	0.85% $ 27.9m
Jeffrey Citrin	Independent Director	9.8yrs	US$242.14k	0.0018% $ 60.2k
David Henry	Independent Director	8.3yrs	US$267.14k	0.077% $ 2.5m
Bridget Ryan-Berman	Lead Independent Director	15.3yrs	US$267.14k	0.099% $ 3.3m
Sandeep Mathrani	Independent Director	2.8yrs	US$238.49k	0.024% $ 779.6k
Susan Skerritt	Independent Director	5.8yrs	US$267.14k	0.022% $ 712.8k
Luis Ubinas	Independent Director	4.8yrs	US$257.14k	no data

8.3yrs

Average Tenure

62yo

Average Age

Experienced Board: 0LD4's board of directors are considered experienced (8.3 years average tenure).

Tanger Management

Management criteria checks 3/4

Key information

Recent management updates

Tanger Inc., Annual General Meeting, May 17, 2024

Tanger Factory Outlet Centers, Inc. Announces Transition of Steven B. Tanger from Executive Chair of the Board of Directors to Non-Executive Chair, Effective January 1, 2024

Tanger Factory Outlet Centers, Inc. Appoints Jessica K. Norman as EVP and General Counsel

Insufficient new directors

Tanger Outlets Announces Board Changes

Independent Director recently sold US$100k worth of stock

Recent updates

Upcoming dividend of US$0.28 per share

Fourth quarter dividend of US$0.28 announced

Tanger Inc. Approves Quarterly Cash Dividend, Payable on May 15, 2024

Tanger Inc., Annual General Meeting, May 17, 2024

Tanger Inc. to Report Q1, 2024 Results on Apr 30, 2024

New minor risk - Shareholder dilution

New major risk - Revenue and earnings growth

Tanger Provides Earnings Guidance for the Year Ending December 31, 2024

Full year 2023 earnings released: EPS: US$0.94 (vs US$0.78 in FY 2022)

New minor risk - Shareholder dilution

Upcoming dividend of US$0.26 per share at 3.8% yield

New minor risk - Shareholder dilution

Third quarter dividend of US$0.26 announced

Tanger Inc. Declares Quarterly Cash Dividend, Payable on February 15, 2024

Tanger Inc. to Report Q4, 2023 Results on Feb 15, 2024

New minor risk - Shareholder dilution

New minor risk - Shareholder dilution

Tanger Inc. has filed a Follow-on Equity Offering in the amount of $250 million.

Tanger Inc. (NYSE:SKT) acquired 825,000 square foot Bridge Street Town Centre in Huntsville, Alabama for approximately $190 million.

New major risk - Revenue and earnings growth

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) acquired Asheville Outlets for $70 million.

Tanger Factory Outlet Centers, Inc. Announces Transition of Steven B. Tanger from Executive Chair of the Board of Directors to Non-Executive Chair, Effective January 1, 2024

Third quarter 2023 earnings released: EPS: US$0.26 (vs US$0.22 in 3Q 2022)

Upcoming dividend of US$0.26 per share at 4.5% yield

Tanger® Outlets Approves 6.1% Increase in the Dividend on Its Common Shares, Payable on November 15, 2023

Now 21% undervalued

Tanger Factory Outlet Centers, Inc. Appoints Jessica K. Norman as EVP and General Counsel

Tanger Factory Outlet Centers, Inc. to Report Q3, 2023 Results on Nov 06, 2023

Now 21% undervalued

Second quarter 2023 earnings released: EPS: US$0.23 (vs US$0.19 in 2Q 2022)

Insufficient new directors

Upcoming dividend of US$0.24 per share at 4.1% yield

Tanger Factory Outlet Centers, Inc. Declares Cash Dividend, Payable on August 15, 2023

Tanger Outlets Announces Board Changes

Tanger Factory Outlet Centers, Inc. to Report Q2, 2023 Results on Aug 03, 2023

Independent Director recently sold US$100k worth of stock

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announces an Equity Buyback for $100 million worth of its shares.

First quarter 2023 earnings released: FFO per share: US$0.5 (vs US$0.48 in 1Q 2022)

Upcoming dividend of US$0.24 per share at 5.1% yield

Full year 2022 earnings released: FFO per share: US$1.9 (vs US$1.38 in FY 2021)

Tanger Factory Outlet Centers, Inc. Declares Quarterly Dividend, Payable on February 15, 2023

Tanger Factory Outlet Centers, Inc. Announces Resignation of Chad D. Perry as Executive Vice President, General Counsel and Secretary, Effective April 3, 2023

Tanger Factory Outlet Centers, Inc. to Report Q4, 2022 Results on Feb 21, 2023

Third quarter 2022 earnings released: EPS: US$0.22 (vs US$0.11 loss in 3Q 2021)

Upcoming dividend of US$0.22 per share

Tanger Factory Outlet Centers, Inc. Declares Quarterly Dividend, Payable on November 15, 2022

Tanger Factory Outlet Centers, Inc. Appoints Michael Bilerman as the Chief Financial Officer

Tanger Factory Outlet Centers, Inc. to Report Q3, 2022 Results on Nov 02, 2022

Tanger Factory Outlet Centers, Inc. Revises Earnings Guidance for the Year Ending December 31, 2022

Second quarter 2022 earnings released: EPS: US$0.19 (vs US$0.023 in 2Q 2021)

Tanger Factory Outlet Centers, Inc Declares Quarterly Cash Dividend, Payable on August 15, 2022

Tanger Factory Outlet Centers, Inc.(NYSE:SKT) dropped from Russell 2000 Value Index

Tanger Factory Outlet Centers, Inc. to Report Q2, 2022 Results on Aug 08, 2022

Investor sentiment deteriorated over the past week

Tanger Factory Outlet Centers, Inc. Announces Resignation of James F. Williams as Chief Financial Officer, Effective July 1, 2022

Investor sentiment deteriorated over the past week

Independent Director recently sold US$276k worth of stock

Tanger Factory Outlet Centers, Inc Declares Quarterly Cash Dividend, Payable on May 13, 2022

First quarter 2022 earnings released: EPS: US$0.20 (vs US$0.041 in 1Q 2021)

Tanger Factory Outlet Centers, Inc. Revises Earnings Guidance for the Year Ending December 31, 2022

Upcoming dividend of US$0.20 per share

Tanger Factory Outlet Centers Declares Dividend Payable on 13 May 2022

Tanger Factory Outlet Centers, Inc., Annual General Meeting, May 13, 2022

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Tanger Factory Outlet Centers, Inc. Provides Earnings Guidance for the Year Ending December 31, 2022

Upcoming dividend of US$0.18 per share

Executive VP recently sold US$106k worth of stock

Third quarter 2021 earnings released: US$0.11 loss per share (vs US$0.14 profit in 3Q 2020)

Upcoming dividend of US$0.18 per share